Hyundai Motor India Limited has filed draft papers to the Securities and Exchange Board of India (Sebi) to raise around $3 billion through an initial public offering (IPO), where the South Korean parent company is selling a stake of up to 17.5% in the company.

The IPO will make it the country's first car maker to go public in two decades since Maruti Suzuki, reported Reuters.

Kotak Mahindra Capital Company, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers (BRLMs) to this IPO.

Shardul Amarchand Mangaldas & Co acted for Hyndai Motor India on the IPO.

The transaction team consisted of Prashant Gupta (Partner | National Practice Head - Capital Markets), Nikhil Naredi (Partner), Priya Awasthi (Principal Associate), Sanjeev Chowdhary (Senior Associate), Jheel Bhargava (Associate) and Veronica Miranda (Associate).

Latham & Watkins acted as international counsel for Hyundai.

The Capital Markets team of Cyril Amarchand Mangaldas is advising the BRLMs in this IPO.

The team is led by Yash J. Ashar (Senior Partner), Gokul Rajan (Partner) and Aashima Johur (Partner).

For the IPO, legal recruitment company Vahura has facilitated the appointment of the entire Independent Board of Directors.

Ajay Tyagi, former Chairman of SEBI and a distinguished 33-year veteran of the Indian Administrative Service (IAS), brings extensive expertise in capital markets, financial sector reforms, and legislative drafting including the Insolvency and Bankruptcy Code.

Sree Patel, Chief Counsel for India and AMEA Legal Lead at Mondelēz International, plays a crucial role on the Board of Directors and Country Leadership Team.

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